Intel (NASDAQ: INTC) CEO Lip-Bu Tan disclosed a $9.71 million share purchase Wednesday, as the stock closed nearly 10% below the average price he paid for 150,000 shares on November 2.
According to an SEC Form 4, Tan acquired the shares through his family trust at a weighted average price of $64.7312 per share. The transaction increased the trust’s holdings by approximately 11.4% to 1,464,669 shares.
Intel shares fell 8.8% to close at $59.97 on November 2, approximately 7.4% below Tan’s average purchase price. The stock finished Wednesday at $58.28, down 3.75% for the session.
Tan’s Latest Purchase Follows $10 Million August Acquisition
The November transaction was Tan’s second disclosed purchase of Intel shares since August.
An earlier SEC filing showed that he acquired 105,263 shares at $95 each on August 11, spending approximately $10 million through the same family trust.
Together, the two purchases totaled 255,263 shares worth approximately $19.71 million. At Wednesday’s closing price of $58.28, Intel shares were approximately 38.7% below Tan’s August purchase price.
Intel Stock Remains Under Pressure Following Weak Fourth-Quarter Outlook
Tan’s latest purchase came amid a steep decline in Intel shares following the company’s October 29 earnings release. The stock plunged 28.6% on October 30, the first trading session after the announcement, and was approximately 36.7% below its October 29 closing price of $92.07 by Wednesday.
Intel forecast fourth-quarter revenue of $15 billion to $16 billion, below analysts’ expectations of approximately $17.07 billion. The company also projected adjusted earnings of $0.25 per share.
The weaker outlook came amid continued pressure on Intel’s personal-computer business and manufacturing supply constraints. The company also reported strong demand for its Xeon server processors, making increased chip supply an immediate priority.
Intel’s production challenges included a roughly two-week shutdown at its Kiryat Gat, Israel, facility following a mid-October accident. The company estimated a preliminary fourth-quarter revenue impact of approximately $300 million from the disruption, with a similar effect possible in the first quarter of 2027.
Chief Financial Officer David Zinsner said the PC-market slowdown could continue through at least the first half of 2027.
